Spotify (NASDAQ:SPOT) shares gapped down before the market opened on Friday after JPMorgan Chase & Co. lowered their price target on the stock from $225.00 to $200.00. The stock had previously closed at $148.92, but opened at $141.16. JPMorgan Chase & Co. currently has an overweight rating on the stock. Spotify shares last traded at $139.87, with a volume of 32328 shares traded.
SPOT has been the subject of several other reports. MKM Partners raised their price target on Spotify from $200.00 to $245.00 and gave the stock a “buy” rating in a research report on Wednesday, August 22nd. Redburn Partners upgraded Spotify to a “buy” rating in a research report on Monday, October 15th. Buckingham Research increased their price objective on Spotify from $195.00 to $201.00 and gave the company a “buy” rating in a research note on Friday, July 20th. Zacks Investment Research upgraded Spotify from a “hold” rating to a “buy” rating and set a $164.00 price objective on the stock in a research note on Tuesday, October 30th. Finally, Morgan Stanley increased their price objective on Spotify from $190.00 to $225.00 and gave the company an “overweight” rating in a research note on Friday, July 27th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, twenty-five have given a buy rating and one has assigned a strong buy rating to the company. Spotify currently has an average rating of “Buy” and an average price target of $200.04.
A number of institutional investors have recently bought and sold shares of SPOT. Archford Capital Strategies LLC acquired a new stake in Spotify in the second quarter valued at $103,000. Financial Architects Inc acquired a new stake in Spotify in the second quarter valued at $154,000. Parallel Advisors LLC acquired a new stake in Spotify in the second quarter valued at $171,000. Benjamin F. Edwards & Company Inc. acquired a new stake in Spotify in the second quarter valued at $195,000. Finally, Highlander Capital Management LLC acquired a new stake in Spotify in the second quarter valued at $202,000.
Spotify (NASDAQ:SPOT) last posted its quarterly earnings results on Thursday, November 1st. The company reported $0.23 earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.51) by $0.74. The business had revenue of $1.35 billion during the quarter, compared to analyst estimates of $1.34 billion. The business’s revenue was up 31.0% compared to the same quarter last year.
About Spotify (NASDAQ:SPOT)
Spotify Technology SA is an innovative digital music service offering music fans instant access to a world of music. The company enables on-demand streaming of audio content and aim to combat music piracy by offering a user experience, while monetizing licensed content with both an ad-supported, free-to-the-user model and a premium, paid model.
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